- Despite economic losses, damage to property, and reassigning its workers to help with the cleanup, the resort will open on time
- The firm and its parent company have already donated millions to relief efforts
It has been reported that, yesterday, MGM China Holdings Ltd announced that MGM Cotai – its new, multi-million dollar integrated casino resort – will open as scheduled in Macau. This news comes despite the fact that deadly Category 3 typhoons swept the region throughout last month.
Grant Bowie – MGM China Holdings’ chief executive officer – has reported that the business is pacing toward its large-scale casino project regardless of the damage caused by the typhoons, also adding that that the Chinese region of Macau is already starting to recover from the onslaught.
The deadline date for the opening of the MGM Cotai resort was set way back in April of this year by the chairman and chief executive of MGM Resorts International, Jim Murren.
Then, he announced that the casino would open its doors “right after Golden Week,” which is a national holiday period that takes place in China near the beginning of the month of October.
Other Macau resorts not so lucky
Along Macau’s Cotai Strip, other companies had planned casino openings for the end of this year. For them, however, Typhoon Hato wreaked damage so severe that these openings are facing delays.
SJM Holdings Ltd is one such firm that may face delays, as the typhoons struck the region at a point in time when the company was already reportedly working hard to meet the launch deadline – at the end of 2018 – of its Grand Lisboa Palace. In incident that occurred during June and tragically saw the death of a construction worker had already delayed construction by 44 days.
And SJM Holdings are not the only company to be facing severe development delays, either. Also due to the tragic death of a construction worker, Morpheus – a hotel tower in the City of Dreams Macau resort by Melco Crown Entertainment – experienced some minor delays.
While this accident was not expected to cause problems, the reassignment of the 2,000 construction workers helping to build Morpheus to other typhoon-related efforts may cause potential problems in terms of ongoing work.
Typhoons had major impact
Macau suffered considerable economic losses following Tyhoon Hato in August. The cost of the storm in terms of direct impact is estimated to stand at MOP$8.31 billion. Individual companies alone are thought to have suffered MOP$3.36 billion losses.
Flooding, loss of electricity, damage to property, and lack of supplies were just some of the ramifications of August’s typhoons in Macau. Casino resorts, shops and houses all suffered, and around two thirds of MGM China’s small and medium enterprises have suffered a financial impact.
But despite that, MGM China and MGM Resorts International, together with shareholder Pansy Ho Chiu King, have already donated MOP$30 million to typhoon relief efforts. Their casino employees have also been tasked with helping to clear up the community.
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